Ethereum is a decentralised blockchain platform enabling smart contracts and decentralised applications (DApps) with its native cryptocurrency, Ether (ETH). With its groundbreaking technology, Ethereum allows developers to create self-executing contracts and diverse decentralised applications, revolutionising how transactions and digital agreements are conducted. At the heart of the Ethereum ecosystem is Ether (ETH), functioning as both a medium of exchange within the network and the essential currency for powering smart contracts and transactions.
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Ethereum is a decentralised, open-source blockchain platform that goes beyond simply being a cryptocurrency like Bitcoin. It was proposed by Vitalik Buterin in late 2013 and development began in early 2014, with the network going live on July 30, 2015. Ethereum enables the creation and execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This feature allows for the development of decentralised applications (DApps) that can run on the Ethereum blockchain.
One of the key aspects of Ethereum is its Turing-complete programming language, which allows developers to build a wide range of applications, from simple token systems to complex decentralised autonomous organisations (DAOs). Ethereum's native cryptocurrency is called Ether (ETH), which is used as both a means of value exchange within the network and as "gas" to facilitate the execution of smart contracts and transactions.
The Ethereum community has been instrumental in the growth of the platform, fostering a vibrant ecosystem of developers, entrepreneurs, and users. Ethereum has undergone several upgrades to improve scalability, security, and functionality, with major updates like Ethereum 2.0 aiming to transition the network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, enhancing efficiency and sustainability.
Overall, Ethereum has played a pivotal role in advancing blockchain technology, paving the way for the development of decentralised applications and fostering innovation in the broader blockchain and cryptocurrency space.
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